Dangote Refinery Slashes Fuel Price by ₦200/L This Month, Hints at More Cuts

Dangote Petroleum Refinery has announced its fourth fuel price reduction in one month. Premium Motor Spirit ex-depot price is down by ₦50 per litre, bringing total cuts to ₦200 since late May. Automotive Gas Oil and Jet A1 have also fallen by ₦300 and ₦520 per litre respectively. The refinery said it absorbed earlier high crude costs before passing on savings from lower-priced cargoes. Average landed crude costs were about US$124.80 per barrel in May and US$95.25 in June, compared with the current US$71.01 benchmark. Pricing reflects Dated Brent plus premiums, freight and logistics expenses. By retaining favourable margins, the refinery ensures domestic supply meets national demand. This approach helps reduce import dependence, conserve foreign exchange and stabilise prices for consumers and businesses.

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